We Are the 99% Standing Up For Our Rights Against Corporate Greed and the Political Coruption in America and Around the World. Nearly all men can stand adversity, but if you want to test a man's character, give him power. ~~~ Abraham Lincoln

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Tuesday, December 6, 2011

How Big Banks Finance Billions in Predatory Payday Lending

One of the more pernicious forms of predatory lending is payday lending, which involves firms giving usually low-income workers very short-term, high-interest loans in order to help them pay for necessities until they receive their next paycheck. While this may sound like a valuable service, the interest rates on the loans are so high that many borrowers get caught in a cycle in which they’re constantly taking out new loans to cover the new bills that they can no longer afford, due to having paid back... Read more: Truth Out